US Stablecoin Legislation Is ‘Lowest-Hanging Fruit’

Jeremy Allaire, CEO at peer-to–peer payment company Circle expects the U.S. Congress this year to focus on stablecoin regulations for a simple explanation.

“Stablecoins are the lowest-hanging fruit,” Allaire told CoinDesk TV’s “First Mover” Thursday from the World Economic Forum’s annual conference in Davos, Switzerland. “It’s the most straightforward. It’s a foundational piece.”

Circle is the issuer for USDC (USDC) coins. stablecoin Pegged to the U.S. Dollar. USDC tokens are worth more than $43 billion. according to Crypto.comIt is the second-largest stablecoin According to CoinMarketCap, market cap is determined by CoinMarketCap

Allaire stated that USDC is an excellent example of stablecoin usage growing. Lawmakers, in the U.S. and abroad, are becoming aware of the “significant size and business” that stablecoins can provide. He predicted that this year stablecoin issuers are “going to be normalized in almost every major market.”

“What’s happening is that members of Congress are realizing that they better get even more educated” about stablecoins, Allaire said.

“This is a policy issue that is currently being addressed. “This is not a throw your head in the sand issue and hope it goes away,” he stated.

A stablecoin This is a type cryptocurrency whose value can be pegged to another asset, such as fiat currency or precious metals, in order to stabilize its price.

What’s next, according to Allaire, is that lawmakers may take a firmer position on stablecoins in different places around the world, adding that the G-20 countries and the U.S. are leading those regulatory efforts.

The Boston, Massachusetts-based tech firm, founded in 2013, continues to evolve as crypto’s ecosystem develops and grows, Allaire said.

He said his company has been around for the last decade because it “walks through the front door with regulators,” and aims to be up front with them.

“That culture of trust and transparency, that plays itself out, [and it] pays dividends,” Allaire said.

Nonetheless, the changes Circle has undergone are “like climbing a mountain,” he said.

“You’re going to go up one part and you’re going to be like, ‘[damn] there’s a cliff, I don’t want to fall off, I gotta pivot, and go back down, and then I gotta go back up,’” Allaire said.

Continue reading: World Leaders Warmed to Blockchain at Davos This Year, Despite Crypto Winter / Opinion